Mortgage rates around the country fell this week, with rates on 30-year mortgages sinking to their lowest level in 10 months.
Freddie Mac, the mortgage company, reported Wednesday that 30-year, fixed-rate mortgages averaged 6.18 percent for the week ending Nov. 22. That’s down from 6.24 percent last week and was the lowest rate since the week ending Jan. 26, when 30-year mortgage rates averaged 6.12 percent. Locally rates have been bouncing between 5.625% and 5.75% for a 30 year fixed mortgage with one discount point. Typically you have to drop your rate 1% to make it worthwhile to refinance.
It marked the second week in a row that mortgage rates dropped, a development that economists attributed to easing inflation pressures. Inflation is calming down amid stabilizing energy prices, slower overall economic activity and the housing slump.
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Columbia Mortgage, LLC.
Fax – 503-526-2847